Global Audiological Devices Market to be Worth US$8.6 Billion by 2018

Audiological devices are used for the study of hearing, and are used by audiologists for the diagnosis and treatment of hearing loss. The audiology devices market has witnessed impressive growth in the past decade, the prime reason being increased adoption of digital technology in every aspect of product design and development of audiological devices.

Age-related hearing loss is attributed to the normal aging process and other demographic factors such as environmental conditions and occupation. In addition, an individual’s genetic predisposition can also be considered as a significant factor contributing to hearing impairment. Growth in population aged 60 years and above is expected to be the major growth driver for the audiology devices market. According to the estimates made by the World Health Organization (WHO), by the year 2015, approximately 1.2 billion people globally will be over the age of 60. The U.S. National Institute on Deafness and Other Communication Disorders (NIDCD) projects that hearing impairment affects 314 per 1000 American population aged 65 years and above.

With the advent of virtually invisible and compact hearing aid systems, audiology devices are expected to become ubiquitous consumer electronics in the future. The progress of hearing aids thus depends on industrial innovations either in incremental or radical steps. Incremental advances are easy to identify as these involve progressions and advancements in the existing technologies, whereas radical changes are unpredictable as they involve introduction of a new concept and technology which has not been used earlier. Early and efficient diagnosis of hearing impairment ensures effective treatment measures to enhance the hearing capacity of the patient. Some of the most commonly used diagnostic audiology devices are audiometers, otoscopes and tympanometers. Audiometers are the most popular devices used by audiologists and are used for primary investigation of hearing impairment. Occurrence of severe forms of hearing impairment is usually due to factors such as chronic ear infection and genetic predisposition.

The World Health Organization’s (WHO) factsheet on deafness and hearing loss states that over 5% of the world’s population suffers from disabling hearing loss. This amounts to 360 million people globally. The U.S. National Institute on Deafness and Other Communication Disorders’ (NIDCD) studies show that that among every 1000 people aged 65 years and over in the U.S., 314 suffer from hearing impairment. The figure represents the massive market that exists for audiological devices – equipment and systems used by audiologists for studying hearing loss. Audiological devices are also used for the diagnosis and treatment of hearing loss.

Broadly segmented, the global audiological devices market is composed of hearing aids, bone anchored hearing aids, cochlear implants, and diagnostic devices. Each of these segments has been further sub-segmented to provide a detailed analysis of the global audiological devices market.

The report’s overview section features a detailed qualitative analysis of the drivers, restraints, and opportunities that exist in the market. Other highlights of the report are: A market attractiveness analysis, competitive overview, representation of key players’ market shares in 2011, and Porter’s five forces analysis. Furthermore, new market entrants stand to benefit from a list of recommendations that forms a part of the report.

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